The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Starbucks Corp., consolidated income statement (quarterly data)
US$ in thousands
3 months ended:
Jun 29, 2025
Mar 30, 2025
Dec 29, 2024
Sep 29, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Oct 1, 2023
Jul 2, 2023
Apr 2, 2023
Jan 1, 2023
Oct 2, 2022
Jul 3, 2022
Apr 3, 2022
Jan 2, 2022
Oct 3, 2021
Jun 27, 2021
Mar 28, 2021
Dec 27, 2020
Sep 27, 2020
Jun 28, 2020
Mar 29, 2020
Dec 29, 2019
Sep 29, 2019
Jun 30, 2019
Mar 31, 2019
Dec 30, 2018
Company-operated stores
7,812,500)
7,285,000)
7,785,300)
7,442,100)
7,516,000)
7,052,600)
7,755,200)
7,679,800)
7,556,700)
7,142,300)
7,083,500)
6,901,500)
6,675,500)
6,276,700)
6,722,400)
6,864,300)
6,363,100)
5,653,100)
5,726,500)
5,173,500)
3,444,400)
4,766,000)
5,780,700)
5,480,100)
5,535,000)
5,159,000)
5,370,300)
Licensed stores
1,105,600)
1,016,000)
1,135,700)
1,129,500)
1,129,000)
1,054,500)
1,192,100)
1,187,500)
1,136,200)
1,069,500)
1,119,500)
998,400)
956,800)
849,500)
850,800)
794,600)
680,200)
595,000)
613,800)
544,800)
300,500)
689,800)
792,000)
734,700)
725,000)
678,200)
737,100)
Other
537,900)
460,600)
476,800)
502,400)
468,900)
455,900)
478,000)
506,300)
475,400)
508,000)
510,900)
514,300)
517,800)
509,400)
477,200)
487,800)
453,200)
419,900)
409,100)
484,800)
477,200)
539,900)
524,400)
532,200)
563,000)
468,700)
525,300)
Net revenues
9,456,000)
8,761,600)
9,397,800)
9,074,000)
9,113,900)
8,563,000)
9,425,300)
9,373,600)
9,168,300)
8,719,800)
8,713,900)
8,414,200)
8,150,100)
7,635,600)
8,050,400)
8,146,700)
7,496,500)
6,668,000)
6,749,400)
6,203,100)
4,222,100)
5,995,700)
7,097,100)
6,747,000)
6,823,000)
6,305,900)
6,632,700)
Product and distribution costs
(2,955,500)
(2,737,600)
(2,893,700)
(2,810,400)
(2,740,900)
(2,648,700)
(2,980,600)
(2,933,000)
(2,864,200)
(2,801,700)
(2,810,200)
(2,711,100)
(2,613,600)
(2,465,800)
(2,526,900)
(2,491,200)
(2,206,000)
(1,992,400)
(2,049,100)
(1,976,800)
(1,484,000)
(1,997,700)
(2,236,400)
(355,800)
(2,808,600)
(2,603,800)
(2,758,700)
Store operating expenses
(4,344,800)
(4,176,000)
(4,203,000)
(3,881,800)
(3,829,100)
(3,724,100)
(3,851,500)
(3,721,400)
(3,697,600)
(3,636,000)
(3,665,300)
(3,544,600)
(3,302,500)
(3,314,700)
(3,400,000)
(3,273,400)
(2,966,900)
(2,823,300)
(2,867,300)
(2,683,300)
(2,537,800)
(2,721,400)
(2,821,500)
(4,532,500)
(2,018,500)
(1,949,600)
(1,993,000)
Cost of revenues
(7,300,300)
(6,913,600)
(7,096,700)
(6,692,200)
(6,570,000)
(6,372,800)
(6,832,100)
(6,654,400)
(6,561,800)
(6,437,700)
(6,475,500)
(6,255,700)
(5,916,100)
(5,780,500)
(5,926,900)
(5,764,600)
(5,172,900)
(4,815,700)
(4,916,400)
(4,660,100)
(4,021,800)
(4,719,100)
(5,057,900)
(4,888,300)
(4,827,100)
(4,553,400)
(4,751,700)
Gross profit
2,155,700)
1,848,000)
2,301,100)
2,381,800)
2,543,900)
2,190,200)
2,593,200)
2,719,200)
2,606,500)
2,282,100)
2,238,400)
2,158,500)
2,234,000)
1,855,100)
2,123,500)
2,382,100)
2,323,600)
1,852,300)
1,833,000)
1,543,000)
200,300)
1,276,600)
2,039,200)
1,858,700)
1,995,900)
1,752,500)
1,881,000)
Other operating expenses
(151,600)
(138,700)
(152,500)
(138,500)
(143,900)
(132,800)
(150,400)
(145,200)
(138,700)
(126,200)
(129,300)
(123,000)
(135,100)
(101,700)
(101,700)
(108,600)
(71,400)
(87,700)
(91,800)
(99,900)
(133,600)
(95,000)
(101,800)
(105,900)
(89,600)
(82,300)
(93,200)
Depreciation and amortization expenses
(427,600)
(418,900)
(407,600)
(395,000)
(380,400)
(371,900)
(365,300)
(351,400)
(342,200)
(341,900)
(327,100)
(357,400)
(356,800)
(367,700)
(366,000)
(354,600)
(354,300)
(366,700)
(366,100)
(363,000)
(361,000)
(356,300)
(351,000)
(344,600)
(343,100)
(356,200)
(333,400)
General and administrative expenses
(677,200)
(632,300)
(665,800)
(644,700)
(576,000)
(654,600)
(648,000)
(635,700)
(604,300)
(620,400)
(580,900)
(538,000)
(486,700)
(481,500)
(525,800)
(501,200)
(494,900)
(464,400)
(472,100)
(439,000)
(399,900)
(406,500)
(434,200)
(405,000)
(480,200)
(475,600)
(463,300)
Restructuring
(20,800)
(116,200)
—)
—)
—)
—)
—)
(100)
(7,100)
(8,800)
(5,800)
(35,100)
(14,000)
(4,400)
7,500)
(55,400)
(19,800)
(23,000)
(72,200)
(195,000)
(78,100)
700)
(6,300)
(11,900)
(37,700)
(43,000)
(43,200)
Income from equity investees
57,100)
59,100)
46,500)
103,400)
73,900)
68,000)
55,900)
119,500)
69,700)
51,400)
57,800)
90,600)
54,100)
49,100)
40,300)
120,000)
105,500)
77,100)
82,700)
112,300)
68,400)
67,900)
73,900)
91,900)
76,000)
62,300)
67,800)
Gain from sale of assets
—)
—)
—)
—)
—)
—)
—)
—)
—)
91,300)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Operating income (loss)
935,600)
601,000)
1,121,700)
1,307,000)
1,517,500)
1,098,900)
1,485,400)
1,706,300)
1,583,900)
1,327,500)
1,253,100)
1,195,600)
1,295,500)
948,900)
1,177,800)
1,482,300)
1,488,700)
987,600)
913,500)
558,400)
(703,900)
487,400)
1,219,800)
1,083,200)
1,121,300)
857,700)
1,015,700)
Net gain resulting from divestiture of certain operations
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
864,500)
—)
—)
—)
—)
—)
—)
—)
—)
601,800)
21,000)
—)
Interest income and other, net
25,600)
28,400)
27,800)
26,800)
28,100)
34,100)
33,800)
29,900)
21,300)
18,400)
11,600)
31,000)
19,800)
46,300)
(100)
21,300)
36,000)
17,300)
15,500)
9,100)
12,700)
2,000)
15,900)
16,300)
40,200)
15,200)
24,800)
Interest expense
(142,300)
(127,300)
(127,200)
(140,000)
(141,300)
(140,600)
(140,100)
(143,200)
(140,900)
(136,300)
(129,700)
(125,400)
(123,100)
(119,100)
(115,300)
(120,700)
(113,400)
(115,000)
(120,700)
(125,100)
(120,800)
(99,200)
(91,900)
(95,700)
(86,400)
(73,900)
(75,000)
Earnings (loss) before income taxes
818,900)
502,100)
1,022,300)
1,193,800)
1,404,300)
992,400)
1,379,100)
1,593,000)
1,464,300)
1,209,600)
1,135,000)
1,101,200)
1,192,200)
876,100)
1,062,400)
2,247,400)
1,411,300)
889,900)
808,300)
442,400)
(812,000)
390,200)
1,143,800)
1,003,800)
1,676,900)
820,000)
965,500)
Income tax (expense) benefit
(260,400)
(118,000)
(241,400)
(284,100)
(348,600)
(219,900)
(354,700)
(373,700)
(322,400)
(301,300)
(279,800)
(222,600)
(278,500)
(201,100)
(246,300)
(482,900)
(257,100)
(230,500)
(186,100)
(49,700)
133,900)
(65,400)
(258,500)
(201,600)
(303,700)
(161,200)
(205,100)
Net earnings (loss) including noncontrolling interests
558,500)
384,100)
780,900)
909,700)
1,055,700)
772,500)
1,024,400)
1,219,300)
1,141,900)
908,300)
855,200)
878,600)
913,700)
675,000)
816,100)
1,764,500)
1,154,200)
659,400)
622,200)
392,700)
(678,100)
324,800)
885,300)
802,200)
1,373,200)
658,800)
760,400)
Net (earnings) loss attributable to noncontrolling interests
The data reveals several significant trends in the financial performance over the evaluated quarters. Net revenues show a general upward trajectory, with some volatility aligned with external events impacting certain periods. A notable decline occurs starting in early 2020, likely reflective of disruptions during that time, followed by a recovery trend extending through 2023 and 2024.
Revenues and Store Metrics
Company-operated stores demonstrate fluctuations, with a sharp decrease beginning in the first quarter of 2020, reaching a trough mid-2020, then progressively increasing thereafter. Licensed stores follow a somewhat similar pattern but with less pronounced volatility. The "Other" revenue stream remained comparatively stable, though with slight dips and recoveries across the periods.
Cost and Expense Trends
Product and distribution costs, along with store operating expenses, generally increased over time, although both saw reductions coinciding with periods of decreased revenues. The total cost of revenues tracked this pattern and had an overall increase consistent with business expansion after the mid-2020 lows.
Gross profit margins experienced a notable contraction during the downturn period aligned with early 2020, with margins gradually improving in subsequent quarters, peaking around late 2022 and early 2023 before slightly declining in 2024.
Operating Expenses and Profitability
Other operating expenses, depreciation and amortization, and general and administrative expenses consistently increased over the years, reflecting ongoing investments and possibly inflationary impacts. Operating income (loss) mirrored revenue trends, with negative performance during mid-2020 followed by substantial recovery and positive results thereafter.
Exceptional Items
Restructuring costs spiked notably in several quarters, especially in mid to late 2020 and intermittently thereafter, indicating periods of strategic realignment or operational restructuring. Gains from the sale of assets and divestitures provided intermittent boosts to income before returning to typical levels.
Financial Income and Interest
Interest income and other revenues remained relatively low and steady throughout the periods, while interest expenses showed a gradual increase, possibly due to rising debt levels or interest rates over time.
Net Earnings and Taxation
Earnings before income taxes followed the operating income trend, with negative values during mid-2020 and substantial positive recoveries afterward. Income tax expenses were volatile, reflecting changes in pre-tax profitability and possibly tax strategy impacts. Net earnings attributable to the company showed resilience, with steep declines during mid-2020, substantial rebounds in following quarters, and a fluctuating but generally positive trend extending into 2024 and beyond.
Overall, the data indicates that the company experienced a significant operational and financial impact during 2020, likely due to extraordinary external factors, followed by a recovery phase marked by increasing revenues and profitability. Cost management and restructuring efforts appear to have been active throughout the period, supporting a rebound in operating income and net earnings in most recent quarters. The fluctuations in expenses and earnings highlight an ongoing adaptation to market conditions and strategic repositioning.
